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RENTAL W/Renters Take Over Contract (1 viewing) (1) Guests
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TOPIC: RENTAL W/Renters Take Over Contract
#6669
Kameron ()
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RENTAL W/Renters Take Over Contract 2 Years, 8 Months ago Karma: 0  
Hello
I have a property under contract for 70% of value. It is located in Indiana I have locked it up with the purchase and sale agreement letter of intent. I have an offer on it for 49k with 20% down and the Appraised value is 85k with current renter in it. The Owner has a lease in place for 775.00 a month until late 2010. I am looking to sell contract for 4k serious people only reach me at rotorxtcy at hotmail dot com my name is Kameron. This is my first offer
 
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#6679
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Re:RENTAL W/Renters Take Over Contract 2 Years, 7 Months ago Karma: 2  
Wow, Kameron. That sounds like a winner! Great job! Have you thought about marketing it at your local real estate investors meetings? You may have to go to a few different ones. In my experience, at least, groups differ from area to area. Good luck and keep us posted!
 
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#6832
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Re:RENTAL W/Renters Take Over Contract 8 Months ago Karma: 0  
I'm very interested in this as well. I have about $50k saved up, just dropped out of school, and I was thinking about doing real estate to make some money. I enjoy negotiating and I like the idea of being a landlord anyways. I have a perfect but short credit history of maybe two years with no late payments or anything like that. What would be the best way for me to get started? I'd rather not be a slumlord, but $50k isn't enough to buy a real house. I'm also afraid that because I don't have a job banks won't want to lend to me.


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#6850
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Re:RENTAL W/Renters Take Over Contract 7 Months, 1 Week ago Karma: 0  
I once was also in a similiar situation. Since you're only subletting a room and not the whole appartement, then you can terminate the contract within two weeks. Since you don't have a binding written agreement, there is no way for them to claim that you must pay any additional time or period, if you're out - you're out and you don't have to pay any additional money. They have to pay back the deposit, but you must allow for a period of up to three months. If they don't pay back within three months, then you should engage a lawyer, respectively join the Miterverein and engage them.

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